新股发行体制改革背景下我国A股IPO首日收益率分析

发布时间：2018-04-16 19:29

本文选题：IPO + 首日收益率　；参考：《河北大学》2013年硕士论文

【摘要】：首次公开募股（Initial Public Offering，简称IPO），，是上市公司进行股权融资的一种重要方式，IPO的定价问题直接影响到了上市公司的融资效果、利益相关者的利益分配乃至资本市场的配置效率。纵观世界各国证券市场，IPO首日收益率偏高的现象是普遍存在的，因此IPO抑价问题一直受到理论界和实务界的长期关注。自我国证券市场成立以来，我国资本市场日趋成熟，资源配置日趋合理，市场体制日趋健全。在取得举世瞩目成就的同时，我国证券市场还存在很多的问题，同西方发达国家成熟的证券市场相比还存在一定差距。大量研究结果表明，我国IPO首日收益率远高于世界平均水平，这直接影响了我国证券市场的资本质量和资源配置效果。针对这一问题，证监会先后在2009年6月和2010年8月启动了两轮新股发行体制改革，并于2012年4月发布了《关于进一步深化新股发行体制改革的指导意见》，拉开了新一轮新股发行体制改革的序幕。经过三轮股改之后，我国IPO首日收益率有了显著的下降。本文结合新股发行体制改革的背景，在分析IPO首日收益率的影响因素时将制度变迁考虑在内，对我国的IPO抑价情况和新一轮新股发行体制改革进行了系统的研究和分析。最后根据实证研究的结果来讨论新一轮新股发行体制改革所取得的成效和仍存在的问题，并提出相应的意见建议。
[Abstract]:Initial Public offering is an important way for listed companies to carry out equity financing. The pricing of IPOs directly affects the financing effect of listed companies, the benefit distribution of stakeholders and even the allocation efficiency of capital market.The phenomenon of high yield on the first day of IPOs in the world stock markets is common, so the problem of IPO underpricing has been concerned by the theoretical and practical circles for a long time.Since the establishment of China's securities market, the capital market in China has become more mature, the allocation of resources has become more and more reasonable, and the market system has become more and more perfect.At the same time, there are still many problems in China's securities market, and there is still a certain gap compared with the mature securities market in western developed countries.A large number of research results show that the first-day return rate of IPO in China is much higher than the world average, which directly affects the capital quality and resource allocation effect of China's securities market.In response to this problem, the CSRC initiated two rounds of new share issuance system reform in June 2009 and August 2010, respectively.In April 2012, the author issued the guiding opinions on further deepening the Reform of New Stock issuance system, which opened the prelude to a new round of New Stock issuance system Reform.After three-round share reform, China's first day of IPO yield has a significant decline.Based on the background of the new issue system reform, this paper takes institutional changes into account when analyzing the influencing factors of the first day return of IPO, and makes a systematic study and analysis on the underpricing situation of IPO and the new round of new issue system reform in China.Finally, according to the results of empirical research, this paper discusses the achievements and problems of the new round of new IPO system reform, and puts forward corresponding suggestions.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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